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Thread: Bitcoin mining

  1. #1
    DF Jedi theodotcom's Avatar
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    Default Bitcoin mining

    Does anyone here mine their own bitcoins? What hardware do you recommend and what sort of return is possible? I’ve seen the antminers, are they any good? For example with Antminer S9 machines how do they work? Easy to set up? What sort of return etc?

    Thanks

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    DF Jedi reverend's Avatar
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    Default Re: Bitcoin mining

    I'd be careful with those Antminers mate - some of them they list with amazing returns, but then it's a pain to order and pay and they then usually run them in for a few months (making the massive profits) and by the time you get them they take much longer to ROI.

    I've got a couple of 6x GPU rigs - one full of 6x GTX1070s and one with 3x RX480s, an RX580, a GTX1070 and a GTX1080ti (figured I'd keep my options open on the second one!).

    Then I have a cheap dual Xeon E5-2560 I picked up so I just leave that running CPU mining but that only just makes a small profit.

    Even with that lot it averages about £17-20 a day with Nicehash, the last few are showing £21 a day as BTC has shot up - basically you run their client which autoswitches mining different coins and they pay you with BTC. I moved over to Bulb 2 months ago when my SSE deal ran out so I'm paying around 12.6p a unit for electric and I'm burning through over £200 a month and as things stand it's taking in £630 but it fluctuates a lot.

    It basically means I'm running at a loss for about 18 months and then it becomes profit - in hindsight I'd have been better of just buying £6k of BTC when I started which would have been worth much more now.

    You can do it all yourself so you keep the coins you mine but so far I've not gotten around to doing that.

    If it all goes to shit I'll just break the rigs down and sell the GPUs on.

    There are some horror stories of some of the Antminer machines or Bitcointalk - if you get in early with the new machines then you're better off than buying one of the releases six months after release which will take another two or three months to be delivered.

    3 Thanks given to reverend

    Mobileman (19th November 2017), piggzy (18th November 2017), theodotcom (23rd November 2017) 


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    DF Moderator piggzy's Avatar
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    Default Re: Bitcoin mining

    Nice post Reverend.. what sort of hashing power do your rigs push out?

    Time to save for solar panels ;-)

    Solo mining is a complete lottery mate. I dabbled. Yes the rewards would be greater IF you were lucky enough to find the block and keep all the reward for yourself which granted could be thousands depending on current block reward but some site I was looking at had all the odds calculated for all the coins and the decent coins the odds of finding were far, far, far ,far greater than the national lottery pmsl
    Hence mining pools, thousands of miners reduce the odds but you have to share the rewards based on your shares of hashing e.t.c

    I am sure you know all this, posting for the benefit of others really.

    Lets see some pics of your rigs :-)

    @Theodotcom

    Mining bitcoin is finished for now. It is completely controlled by about 6 massive consortium's in China who have mining warehouses like you wouldn't believe with ultra cheap components manufactured by themselves and pretty much the cheapest electricity in the world. This is what has caused a number of Bitcoin forks to break off the currency as they are saying Bitcoin is no longer decentralized which was the whole point of it in the first place. The forked versions of Bitcoin, BCH & BTG (possibly B2X but this might have collapsed) and others yet to launch are attempting to make it decentralized again by making the blockchain resistant to ASIC mining (as used in China) and return the power to CPU and mostly GPU mining letting the little man mine again.
    Well that's the short version anyway.

    Look at [Only registered and activated users can see links. ], put in claimed figures the mining hardware says it will achieve, put in your leccy costs and see how little you will make or even lose. It shows I would lose $200 a year. pmsl

    2 Thanks given to piggzy

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    DF Moderator piggzy's Avatar
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    Default Re: Bitcoin mining

    Reread it and you weren't even talking about solo mining. My bad :-)

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